The UK’s total number of scaleup businesses – those companies who have increased their turnover and/or employee numbers annually by more than 20 per cent over a three-year period – has increased by nearly 12 per cent, according to the ScaleUp Institute.
Drawing on new data from the ONS, the number of scaleup businesses in the UK rose from 31,440 in 2015 to 35,210 in 2016. Although scaleups account for less than one per cent of the number of businesses in the UK, their combined revenues amount to almost £1trn and they generate 3.5m jobs.
“It is very encouraging that the stock of fast-growing companies in the UK is on the rise, because they are vital for improving UK productivity and national economic growth,” says Irene Graham, CEO of the ScaleUp Institute.
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